Make fast and instant international money transfers
Last update:
anja
Clare Shi
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Key takeaways
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
If you’re doing research on how to source wholesale from 1688.com, you may have a few questions such as:
For Malaysian SMEs involved in international commerce, efficient cross-border payments are essential, whether you’re paying suppliers in China, funding operations in Singapore, or settling invoices in the EU.
Below, you’ll find a guide with tips and tools that can help your business make fast and instant international money transfers, avoid hidden costs, and improve your cash flow.
1. Choose the Right Money Transfer Method
For Malaysian companies, your choice of payment method can mean the difference between funds arriving the same day or getting stuck for a week. Here’s what to consider:
Conventional Bank Transfers:
Most Malaysian banks process overseas money transfers within 2–5 working days. Some offer same-day money transfer overseas for priority payments, with varying cut-off times.
Multi-currency business account:
Dedicated international payment platforms like WorldFirst and Aspire may help you make overseas money transfers much faster (often within 1–2 days) and with more transparent fees.
Platforms like WorldFirst stand out if you are moving a large amount as we have a spot contract feature that allows you to lock in an exchange rate and settle immediately – protecting you from sudden currency fluctuations.
2. Open a Foreign Currency Account
If your business regularly pays in USD, EUR, CNH, or other currencies, a foreign currency account can help you:
- Hold balances in those currencies to avoid double conversions.
- Make an international payment instantly when invoices are due.
- Reduce conversion fees and improve transparency.
3. Verify Beneficiary Details Before You Pay
Many Malaysian SMEs experience delays when making an international money transfer due to data entry errors. To avoid this:
- Double-check the recipient’s name, address, and bank details.
- Confirm SWIFT/BIC codes and IBAN numbers for Europe and the UK.
- Always include a clear payment reference.
When you transfer money overseas, this helps to pass the transaction without manual intervention or costly recalls.
4. Use Priority or Express Transfer Options
When time is critical, ask your bank or payment provider about express overseas money transfer services. Although they cost slightly more, they can:
- Deliver funds in less than 24 hours.
- Improve supplier relationships by showing reliability.
Pro tip: For urgent transfers, submit instructions before midday o meet the same-day transfer cut-off time.
5. Track Currency Movements
The Ringgit (MYR) can fluctuate against major currencies. Timing your transfer strategically can significantly reduce your costs when you make international money transfers.
Here’s how to protect your margins:
- Check foreign exchange rates before making your transfer.
- Use spot contracts to lock in favourable rates when the Ringgit is strong.
- Consider forward contracts if you have predictable monthly payments.
6. Prepare Compliance Documents
All cross-border payments are reviewed for compliance with Bank Negara Malaysia regulations and AML checks. To keep things moving quickly:
- Keep all invoices, contracts, and import/export permits ready.
- Complete your customer verification process in advance with your payment provider.
7. Automate Payments with Digital Platforms
Opening a business bank account for international payments with automatic accounting tools is one of the most effective ways to expedite your international money transfers. For Malaysian SMEs, the benefits include:
Batch Payments: Pay multiple overseas suppliers in one go.
Real-Time Tracking: See exactly when funds land.
Integration with Accounting: Platforms that sync with Xero integration, Netsuite, and other accounting software make reconciliation effortless.
When you automate accounting and payments together, you reduce manual work and improve accuracy.
Move Money Across Borders
Efficient cash flow is the backbone of any growing Malaysian SME. By selecting the right tools and optimising your workflows, you can send and receive money internationally more efficiently, with fewer errors and greater control.
How WorldFirst Helps You Make Fast International Money Transfers
WorldFirst has become a trusted partner for Malaysian SMEs seeking to streamline and expedite their global payments, particularly for businesses with operations in China.
Whether you’re settling supplier invoices, paying freelancers abroad, or managing e-commerce disbursements, WorldFirst offers a suite of tools designed for speed, control, and transparency.
Here’s how WorldFirst can help you move funds faster:
- Faster Settlement Times
Compared to traditional bank wires, WorldFirst can complete same-day international bank transfers into bank accounts or wallets, so your supplier can dispatch goods without delay. - Flexible FX Options
WorldFirst lets you lock in rates via spot contracts, schedule transfers, or hold balances in different currencies in your foreign currency account. This helps you protect margins and avoid surprises. - Compliant & Transparent
All payments are fully traceable and compliant with China’s cross-border payment regulations. No more guesswork or uncertainty. - Real-Time Payment Tracking
Every transfer comes with end-to-end tracking, so you always know exactly where your funds are and when they arrive. - Easy Integration with Accounting Systems
WorldFirst connects seamlessly with accounting platforms like Xero, Netsuite, and other ERPs, so payments are automatically reconciled, saving you hours of admin. - Automate Recurring Payments
Schedule and automate regular supplier payments with pre-approved beneficiaries. This reduces manual errors and accelerates the settlement process.
Trading with China? WorldFirst Makes It Simple
For Malaysian SMEs, China is often the biggest supplier market, but paying Chinese vendors can be slow, expensive, and confusing. WorldFirst offers specialised tools designed specifically to make cross-border payments to China faster, easier, and more transparent.
Here’s how WorldFirst helps you trade confidently with Chinese partners:
If you source goods via Alibaba’s domestic wholesale platform, com, you can now pay directly with your World Account using 1688 World Pay.
- No Chinese bank account needed—your payments go straight to the supplier’s 1688 account.
- Better exchange rates when converting MYR or USD to offshore RMB (CNH).
- One-click checkout reduces delays and payment errors.
2. World Trade
This all-in-one solution makes it easier to pay Chinese suppliers, track shipments, and protect your transactions.
- Escrow Protection: Funds are held securely until your order is confirmed, reducing risk.
- Verified Suppliers: Access a pool of trusted vendors vetted by Alibaba and WorldFirst.
- Order Management: Keep track of invoices, shipment status, and payment milestones all in one place.
Ready to make global business smoother than ever? Register your World Account to access World Trade, World Pay, and all the tools you need to grow your cross-border business.
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